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Personal insurance

Life can present all sorts of serious issues. You can’t predict what might happen, but you can make sure you and your family are financially protected.

Why do you need personal insurance?

You can never be sure what life might throw at you, but one thing is for certain - those you care most about are assured of a financially secure future if you protect yourself now.

What are the different types of personal insurance?

There are two types of personal protection policy - life assurance and health insurance.

What’s life assurance?

If someone dies and they have life assurance, this is the insurance money that's paid to the beneficiary (usually a spouse or family member) so they can maintain their lifestyle.

For example, if a husband and wife have a mortgage together and the husband dies, his wife will be paid a sum from his life assurance policy. This cash could be used to repay the outstanding mortgage, in addition to providing further financial security for her future.

There are two main types of life assurance - 'Whole of life insurance', which runs for your entire life, or 'Term insurance' which runs for a set period of time, and only pays out if a death occurs during this period.

To find out more about your life assurance options, speak to your local Independent Financial Advisor.  

What is health insurance?

Health insurance ensures you and your family can maintain the lifestyle you want in the unfortunate event that you become ill.

The different types of health insurance

  • Income protection provides you with an income (usually tax free) if you are unable to work as a result of illness or disability. 
  • Accident and sickness policiesare similar to income protection policies, but generally offer less comprehensive cover.
  • Critical illness cover will pay out a lump sum if you are diagnosed with a serious medical condition, such as cancer, a heart attack, or stroke. Critical illness can be taken out alongside (rather than instead) of an income protection policy, which offers a broader level of protection.
  • Private medical insurance helps you pay for medical expenses in the event that you need to go private. More comprehensive policies will pay expenses like home nursing and dental fees.
  • Immediate care plans address the difficult issue of funding long-term care, so you are not forced to accept a lower standard of care if your money runs out.

To find out more about your health insurance options, speak to your local Independent Financial Advisor.  

What if you’re already protected?

As with any other financial product, you still need to regularly review your personal protection policies to make sure they are suited to your current circumstances, which are likely to change too.

Did you know?

Over the past 10 years, personal protection premiums have reduced as much as 30%, so it's worth checking your existing policy, as switching providers could save you significant costs.

Which type of personal insurance should you get?

It's strongly recommended that you carry both types of personal insurance - especially if you have serious financial commitments, such as a mortgage.

Who can help?

The best thing to do is talk to an Independent Financial Advisor, who will provide genuinely helpful advice for your personal situation.   

Rather than trying to sell you a product from a particular insurance provider, an Independent Financial Advisor will search the entire market to find the best option to suit your circumstances.

Call us on 0800 008 6037 or request a callback
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